Samsung Electronics’ stock price plunged to 58,900 won on Oct. 10, marking the first time in 19 months that it closed in the 50,000 won range. The benchmark Korea Composite Stock Price Index rose to a morning high of 2,613.61 during the session but closed just below 2,600 at 2,599.16, up 4.8 points (0.19%) due to increased institutional selling. The junior KOSDAQ index turned downward early in the day, finishing at the 770 level.
Continued institutional selling hindered the KOSPI’s rise. In the securities market, individual and foreign investors bought net amounts of 157.4 billion won and 127.2 billion won, respectively, while institutions sold 301.3 billion won. Foreign investors also demonstrated a net buying trend in the futures market, purchasing 150 billion won worth of KOSPI 200 futures. Retail investors bought 3 billion won, while institutions sold 315.6 billion won.
Among the top market-cap stocks, performances were mixed. SK Hynix rose by 4.89%, maintaining its 180,000 won price level, while Celltrion and Kia gained over 1%.
In contrast, Samsung Electronics closed down 2.32% at 58,900 won, impacted by disappointing third-quarter earnings and continued foreign selling. Foreign investors sold 322 billion won worth of shares, marking the first time since March of last year that the stock finished in the 50,000 won range. Samsung’s preferred shares also fell by more than 3%.
This article was originally published on Oct. 10, 2024.
